Duff and Phelps ‘Welcome’ IPA Investigation
Duff and Phelps, the administrators of Rangers Football Club, say they ‘welcome’ a probe by the insolvency watchdog, following recent allegations of a conflict of interest.
The allegations concern a BBC television documentary which alleged that the firm advised Rangers’ pervious owner, Craig Whyte, during his takeover of the club last year.
Duff and Phelps were then duly appointed in February as ‘preferred administrators’ by Whyte.
Joint administrator Paul Clark – who was instrumental in negotiating wage cuts in player salaries of between 25% and 75% so as to allow the club to meet its seasonal fixture obligations – said the firm ‘positively’ welcomes any investigation by the Insolvency Practitioners Association.
‘This will enable the true facts to emerge and demonstrate clearly that we have acted at all times with the best interests of creditors, the court and the Club at heart,’ said Clark.
He revealed that the firm had already been contacted by the IPA to ‘review their allegations of a conflict of interest’.
‘There has been wave after wave of wild and inaccurate reporting and speculation and we will be very happy to co-operate fully with the investigation. We have already spoken to the IPA,’ Clark said.
The investigation comes as concern grows over the anonymity of some of the club’s funders and certainty of funds to keep the club going. At this stage Rangers’ potential buyers includes a consortium led by Sheffield United chief executive, Charles Green.
Clark has expressed confidence in the buyers, on the basis of ‘confirmation in writing and access to bank statements that show funds’.